Prices Flat, Sales Mixed in January

Georgia’s housing market delivered mixed results in January. Pending Sales held steady, while Closed Sales declined and New Listings rose. Median Sales Price and Average Sales Price were mostly flat. Although inventory levels continue to climb, housing supply across the state remains tight.

• New Listings increased seven percent to 17,522
• Pending Sales stayed flat at 8,841
• Closed Sales decreased nine percent to 6,728
• Days on Market increased six percent to 67 days
• The Median Sales Price decreased one percent to $345,000
• The Average Sales Price stayed flat at $428,303
• Inventory levels increased 12 percent to 42,047 units
• Months Supply of Inventory was up to 4.1 months

Looking at the Housing Supply Overview – which takes a closer look at key metrics in relation to price range, property type and bedroom count – the following indicators were noted:

• Pending Sales were down across Single Family Homes price ranges except for those priced at $500,000 and above, which posted a four percent increase; Townhouse/Condos priced at $199,999 or less posted a 15 percent increase as the highest change.
• Days on Market are up across all property types and price ranges, with the most significant increase being for Townhouse/Condo priced at $199,999 or Less at 44 percent.
• Median Sales Prices ranged from flat to modest, with the exception being a 10 percent decrease in Townhomes/Condos with four or more bedrooms. Single Family Homes Two Bedroom saw the largest median price increase at five percent.
• Inventory increased for all property types and price levels, with Townhouse/Condos priced at $199,000 or Less posting the most significant increase at 48 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.

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